The reduced debt load comes after years of turmoil, election losses in 2012 and shrinking faith from donors, the Star Tribune reported. The retrenching included a move of the party headquarters from a building near the Capitol to south Minneapolis, where the rent is about a third of what it had been paying.

"We made good progress on many fronts this year, including financially. We still have plenty to do, but we are much better positioned for the future," state Chairman Keith Downey said.

The party will formally report its financial results Jan. 31 to the state Campaign Finance and Public Disclosure Board and the Federal Election Commission.